By Fineline Cube 
Shanghai Bao Pharmaceuticals Co., Ltd. (HKG: 2659) successfully listed on the Hong Kong Stock Exchange today, raising over HK$1 billion through a global offering of 37,911,700 shares at HK$26.38 per share.
Offering Summary & Company Profile
| Attribute | Details |
|---|---|
| Company | Shanghai Bao Pharmaceuticals Co., Ltd. (2659.HK) |
| Listing Date | 02 Dec 2025 |
| Shares Offered | 37,911,700 shares |
| Offer Price | HK$26.38 per share |
| Total Proceeds | Over HK$1 billion |
| Founded | 2019 |
| Sector | Biotechnology |
Strategic Focus Areas
Bao-Pharma concentrates on four therapeutic and technology domains:
- High-volume subcutaneous injection drug delivery
- Antibody-mediated autoimmune diseases
- Assisted reproduction therapeutics
- Recombinant biopharmaceuticals development
Product Pipeline Breakdown
| Development Stage | Count | Key Assets |
|---|---|---|
| Core Products | 3 | KJ017, KJ103, SJ02 |
| Clinical Stage | 4 | BJ007, KJ015, SJ04, KJ101 |
| Preclinical | 5 | BJ008, BJ009, BJ045, BJ047, BJ044 |
| Total Pipeline | 12 | All self-developed investigational products |
Market Opportunity & Strategic Outlook
- China Biotech IPO Market: 2025 has seen robust investor appetite for pre-revenue biotech listings, with average oversubscription rates exceeding 8x
- Therapeutic Focus: Subcutaneous injection platform addresses growing demand for patient-friendly dosing in chronic diseases
- Revenue Timeline: Core products KJ017 and KJ103 expected to enter pivotal trials in 2026, with potential 2028 commercialization
- R&D Investment: HK$1 billion proceeds will fund clinical development through Phase 3, expand manufacturing capacity, and advance preclinical assets
- Valuation Metrics: At HK$26.38, Bao-Pharma debuts with a market capitalization of approximately HK$4.5 billion
Forward‑Looking Statements
This brief contains forward‑looking statements regarding Bao-Pharma’s development timelines, product commercialization, and market prospects. Actual results may differ due to clinical, regulatory, and competitive uncertainties.-Fineline Info & Tech